Egypt’s real estate developer Master Group has rolled out its second residential project in the New Administrative Capital (NAC), named “City Oval,” with investments estimated at EGP 6 bn, Invest-Gate reports.
The 37-acre compound, coming under the slogan “The English Heart of the New Capital,” is situated on a 12-meter high plateau in the R7 District, said Master Group CEO Mohamed Lashin during the launching press conference on September 15.
Besides its NAC projects, Master Group is studying potential investments in Upper Egypt, as well as Ras Sudr in South Sinai. This comes as part of the company’s endeavors to stand as one of the top 10 real estate developers in Egypt and the Middle East in the coming five years, Lashin noted.
On his part, Master Group Marketing Director Mohamed El Kholy explained that City Oval composes three distinct areas, each of which has a special nature that distinguishes it from others within the project. The Bougainvillea area comprises 31 villas, whereas Wisteria and Azalea include 34 twin houses and 1,021 different size residential units, respectively.
Meanwhile, Master Group Vice-Chairman Mohamed Mounir indicated that an integrated plan has been developed for exporting its Egyptian flagship projects abroad (i.e. The City, Ibiza Chill Out, and City Oval), in line with the state’s plan to promote real estate export in Egypt.
In late August, Master Group had unveiled plans for new projects in NAC, North Coast, Upper Egypt, and South Sinai by 2021, Lashin earlier told Zawya Projects.
The Egypt-based company is intending for a 50-acre coastal project in South Sinai’s Ras Sudr, in addition to a gated community in Upper Egypt and a hospitality establishment on the North Coast, the CEO indicated, without elaborating on details.